The South Africa’s National Credit Amendment Bill was officially passed by the National Council of Provinces on 8 March and has now been sent to the President to be signed into law. The bill aims to...

The South Africa’s National Credit Amendment Bill was officially passed by the National
Council of Provinces on 8 March and has now been sent to the President to be signed into law.
The bill aims to provide relief to over-indebted South Africans who have no other means of
extracting themselves from over-indebtedness. Specifically, the bill will allow certain
applicants to have their debt suspended in part or in full for up to 24 months. This debt may
then be extinguished altogether if the financial circumstances of the applicant do not improve.
The criteria for meeting this debt write-off include:
• Where the unsecured debt is not more than R50,000;
• Where the unsecured debt was accrued through unsecured credit agreements, unsecured
short-term credit transactions or unsecured credit facilities only;
• Where the person earned no more than R7,500 a month over the last six months

A financial service provider (XYZ limited Bank) has hired you to conduct an analysis on how
it will comply with this new law.

Discuss the concept of business analysis process to the XYZ limited Bank main
stakeholders and state why the process would be important and beneficial in ensuring that
they comply with this new law?